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(42)-DISCLOSURES FOR FIXED ASSETS IN FINANCIAL STATEMENTS

Saturday, December 5, 2009

Disclosures for Fixed Assets in Financial Statements

Notes to the accounts must show, for each class of fixed assets, an analysis of the movements on both cost and depreciation provisions.

Where any fixed assets of a company other than listed investments are included in the accounts at an alternative accounting valuation, the following information must also be given.
  • The years so far as they are known to the directors in which the assets were severally valued and the several values.
  • In the case of assets that have been valued during the financial period, the names of the persons who valued them or particulars of their qualification for doing so and whichever is stated the bases if valuation used by them.

A note to the accounts must classify land and buildings under the headings of;

  • Freehold property
  • Leasehold property,
  • Long leaseholds in which the unexpired term of the lease at the balance sheet date is not less than 50 years
  • Short leaseholds which are all leaseholds other than long leaseholds.

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